Veritas seeks shareholder approval for asset sale, new director

Veritas (India) Limited is seeking shareholder approval through a postal ballot for two key resolutions. The first is a special resolution concerning the sale, disposal, and leasing of assets exceeding 20% of its material subsidiary, Verasco FZE. This transaction involves a proposed transfer of assets and liabilities to Inergy FZE, Sharjah, UAE, for a base consideration of $50 million. The total value of assets and liabilities to be transferred is estimated at $130 million and $80 million, respectively. The company states this move aims to streamline operations and enhance strategic focus.

The second resolution is an ordinary resolution for the appointment of Sunil Sehgal as a non-executive non-independent director. Sehgal, with 36 years of experience across various industries, was initially appointed as an additional director on November 13, 2025. The board recommends his appointment, citing his valuable commercial and operational insights.

The remote e-voting period for these resolutions commences on Sunday, December 7, 2025, at 9:00 AM (IST) and concludes on Monday, January 5, 2026, at 5:00 PM (IST). Results are expected to be declared on or before Wednesday, January 7, 2026.